What Payments Methods Should You Accept When Starting A Small Business?

what payment methods accept starting small business

The days of businesses only accepting cash payments are long gone, with many alternatives now open to us. A survey by Travis Credit Union in 2020 revealed that 58% of Americans don’t want to use cash to pay, while in the UK the use of cash has been dropping by 15% or so each year. Bearing this in mind, what other payment methods should you be looking at? 

PayPal To Help You Go Online 

If you are looking for a widely-used and highly-trusted payment method, it is probably worth starting with PayPal. This e-wallet has been around since 1998 with roughly 400 million users globally. It is an easy system to operate and allows anyone to pay for goods and services, or to send money to anyone else who has an account. One of the biggest reasons for choosing to accept PayPal is that it makes the transition to online business easier. People feel comfortable when they see this payment method, as it's established and offered by many of the biggest names in the eCommerce industry. 

Away from retail, PayPal has also helped the entertainment industry move online. Now, the best PayPal online casinos include 888Casino, Borgata, and SugarHouse. These sites let their players deposit and withdraw using their online wallet, offering additional options like Visa and bank transfers. While in other areas of the entertainment industry, PayPal has also allowed cinemas and theaters to move their booking process online. It is easy to look online in advance and choose the tickets for the time you want, by paying with PayPal. If you want to go to a music concert, big-name booking sites like Ticketmaster and TicketCity accept payment in this way too. 

Cryptocurrencies To Attract New Customers 

There are certainly some big benefits to accepting cryptocurrencies like Bitcoin. Transactions are processed almost instantly and there are no transaction fees to worry about. It could also help you to attract a new type of customer and might also gain you some free publicity, as the public is interested in hearing about interesting new ways of using cryptocurrencies. Perhaps the concern is over the volatility of these tokens. Most small businesses can’t cope with their income swinging wildly when the price of the currency they use is as volatile as Bitcoin. The lack of a central bank backing it up and the limited supply of tokens are among the reasons that this currency has bigger price movements than many people would like to see. 

Stablecoins like Tether offer a lower level of volatility, as they are pegged to real-world assets such as fiat currencies.  This could make them a decent option if you want to accept international payments and don’t want to worry about fluctuating prices in the market. 

Mobile Wallets To Make Life Easier 

It is easy to see why the top mobile wallets such as Google Pay and Apple Pay are now so popular. They offer a fast and easy solution that customers love. These wallets are highly secure and most people already have a smartphone, so it is something that is accessible to just about all of your customers. 

The number of people using these mobile wallets is growing and it is thought that half of us will use one by the time 2025 comes along. Having the ability to accept payments in this way will show that your business is forward-looking and it should also make life easier for you. Any of these modern payment methods can help you to appeal to more potential customers and to grow as a business. The huge level of diversity in banking methods these days means that the more ways you have accepting money the better it will be for your business.

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